ABSTRACT
Observing the financial systems of countries around the world, we find various differences in terms of laws, institutions, and customs. Researchers have classified the financial systems of various countries, and the results obtained have greatly facilitated understanding of the differences among financial systems. Classification of financial systems into those oriented toward direct financing and those oriented toward indirect financing was dominant in the 1960s to the 1980s, but since the 1990s, financial systems have increasingly been classified into capital market-based systems and bank-centered systems.
